Discussion Archives:Form 1099-A Not the owner

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Advanced Tax Questions --> Form 1099-A Not the owner

Discussion Forum Index --> Tax Questions --> Form 1099-A Not the owner

Rusl (talk|edits) said:

1 April 2011
Hello, I have a situation where my client received form 1099-A. What happened he took out a mortgage on rental property which was owned by his parents at that time. He did it to help his parents to obtain mortgage. Now, this property was reported through partnership and got foredclosed last year, but my client would not receive K-1 because he was not one of the owners, his parents were.Question, what should be done in this situation (form 1099-A received in my client's name and ss#, but he was not the owner of this property), do I need to report and how, where?
Personal tools